North Carolina General Statutes Chapter 25A. Retail Installment Sales Act § 25A-8. “Finance charge” defined
Current as of January 01, 2020 | Updated by FindLaw Staff
Welcome to FindLaw's Cases & Codes, a free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.
(a) “Finance charge” means the sum of all charges payable directly or indirectly by the buyer and imposed by the seller as an incident to the extension of credit, including any of the following types of charges which are applicable:
(1) Interest, time price differential, service, carrying or other similar charge however denominated;
(2) Premium or other charges for any guarantee or insurance protecting the seller against the buyer's default or other credit loss;
(3) Loan fee, finder's fee or similar charge; and
(4) Fee for an appraisal, investigation or credit report.
(b) Finance charge does not include transfer of equity fees, substitution of collateral fees, default or deferment charges, or additional charges for insurance as permitted by G.S. 25A-17 or charges for insurance excluded by Section 226.4(a) of Regulation Z promulgated pursuant to section 105 of the Consumer Credit Protection Act.
(c) With respect to a transaction in which the seller acquires a security interest in real property, finance charge does not include charges excluded by section 226.4(e) of Regulation Z promulgated pursuant to section 105 of the Consumer Credit Protection Act.
Cite this article: FindLaw.com - North Carolina General Statutes Chapter 25A. Retail Installment Sales Act § 25A-8. “Finance charge” defined - last updated January 01, 2020 | https://codes.findlaw.com/nc/chapter-25a-retail-installment-sales-act/nc-gen-st-sect-25a-8.html
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
Was this helpful?